Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 15, 2017 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | GREEN ENVIROTECH HOLDINGS CORP. | |
Entity Central Index Key | 1,428,765 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 29,917,597 | |
Trading Symbol | GETH | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,017 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
CURRENT ASSETS | ||
Cash | $ 14,069 | $ 94,664 |
Deposits | 38,012 | 38,012 |
Prepaid expenses | 75,052 | 177,169 |
Other current assets | 2,284 | 2,284 |
Total current assets | 129,417 | 312,129 |
OTHER ASSETS | ||
Carbon equipment , not in use | 459,935 | 459,935 |
Construction in progress | 324,489 | 262,980 |
Total other assets | 784,424 | 722,915 |
TOTAL ASSETS | 913,841 | 1,035,044 |
CURRENT LIABILITIES | ||
Accounts payable | 745,956 | 630,719 |
Accrued expenses | 411,341 | 382,715 |
Secured debentures payable | 305,000 | 305,000 |
Loan payable-related party-convertible | 1,627,761 | 1,433,937 |
Loan payable-other-convertible | 149,295 | 149,295 |
Loan payable-other-non-convertible | 170,000 | 170,000 |
Total current liabilities | 3,409,353 | 3,071,666 |
TOTAL LIABILITIES | 3,409,353 | 3,071,666 |
STOCKHOLDERS' DEFICIT | ||
Preferred stock, $0.001 par value, 25,000,000 shares authorized, 0 shares issued and outstanding | ||
Common stock, $0.001 par value, 250,000,000 shares authorized, 28,617,597 and 28,517,597 shares issued and outstanding | 28,618 | 28,518 |
Additional paid in capital | 20,997,159 | 20,799,102 |
Accumulated deficit | (23,424,557) | (22,818,208) |
Total GreenEnvirotech Holdings Corp. Stockholders' deficit | (2,398,780) | (1,990,588) |
Noncontrolling interest | (96,732) | (46,034) |
Total stockholders' deficit | (2,495,512) | (2,036,622) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 913,841 | $ 1,035,044 |
Consolidated Balance Sheets Una
Consolidated Balance Sheets Unaudited (Parenthetical) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 28,617,597 | 28,517,597 |
Common stock, shares outstanding | 28,617,597 | 28,517,597 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
OPERATING EXPENSES | ||
Wages and professional fees | $ 417,176 | $ 153,796 |
General and administrative | 152,121 | 20,068 |
Total operating expenses | 569,297 | 173,864 |
Loss from operations | (569,297) | (173,864) |
OTHER EXPENSES | ||
Interest expense | (87,750) | (22,461) |
Total other expenses | (87,750) | (22,461) |
NET LOSS | (657,047) | (196,325) |
Loss attributable to noncontrolling interest | (50,698) | |
Loss attributable to controlling interest | $ (606,349) | $ (196,325) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING BASIC AND DILUTED | 28,589,819 | 23,926,757 |
NET LOSS PER COMMON SHARE-BASIC AND DILUTED | $ (0.02) | $ (0.01) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flow (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (657,047) | $ (196,325) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Common stock issued for services | 20,000 | |
Amortization of debt discount | 29,124 | |
Debt increase as a result of a consulting agreement | 15,000 | |
Warrants issued for services | 142,857 | 51,156 |
Change in assets and liabilities | ||
Decrease in deposits and other current assets | 102,117 | |
Increase in accounts payable and accrued expenses | 143,863 | 112,252 |
Net cash used in operating activities | (219,086) | (17,917) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Construction in Progress | (61,509) | |
Net cash used in investing activities | (61,509) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds received from loan payable - other | 144,000 | |
Debt transferred out due to assignment | (134,000) | |
Loan Payable-related party-convertible notes | 200,000 | |
Net cash provided by financing activities | 200,000 | 10,000 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (80,595) | (7,917) |
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 94,664 | 8,076 |
CASH AND CASH EQUIVALENTS - END OF PERIOD | 14,069 | 159 |
SUPPLEMENTAL NONCASH INVESTING AND FINANCING ACTIVITIES SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Interest | 30,000 | |
Income Taxes | ||
NON-CASH SUPPLEMENTAL INFORMATION: | ||
Debt discount from convertible loan payable | $ 35,300 |
Basis of Presentation and Accou
Basis of Presentation and Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Accounting Policies | Note 1 Basis of Presentation and Accounting Policies: The unaudited interim consolidated financial statements include the accounts of our Company and our new subsidiary, Smart Fuel Solutions, Inc. On September 28, 2016, the Company acquired a controlling interest in Smart Fuel Solutions, Inc., (Smart Fuel) a Florida Corporation, established and staffed as a service company. Smart Fuel will undertake and/or assist with the operational responsibilities of the Company. Our management will continue to focus on business development as its major priority. We will utilize Smart Fuel’s abilities to assist us with management, engineering and development of proposed plant projects and promotion of the Company. The ownership interest in Smart Fuel, held by third parties, are presented in the consolidated balance sheet within the equity section as a line item identified as “non-controlling interest”, separate from the parent’s equity. All significant inter-company balances and transactions have been eliminated in the consolidation. The unaudited interim consolidated financial statements also include our new wholly owned subsidiary, GETH CFP, Inc. (CFP). CFP is a Delaware Corporation formed on February 9, 2017 for the purpose of handling and upgrading both third party carbon black and the carbon black produced by our GEN 1 End of Life Tire Processing Plants. We acquired a Carbon Black Finishing System last year for installation in our Centralized Carbon Black Finishing Plant located in Ohio. The equipment is being relocated and installed with the assistance of GETH’s strategic partners, under a master services agreement that covers all of the GETH plants. The Ohio site is being provided by the Lawrence County Economic Development Corporation as part of its mission to bring jobs back to that part of Ohio. The unaudited interim consolidated financial Statements presented herein have been prepared by us in accordance with the accounting policies described in our December 31, 2016 and 2015 audited financial statements included in Form 10-K and should be read in conjunction with the notes to the financial statements which appear in that report. The preparation of these unaudited interim consolidated financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates, including related intangible assets, income taxes, insurance obligations and contingencies and litigation. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other resources. Actual results may differ from these estimates under different assumptions or conditions. In the opinion of management, the information furnished in these unaudited interim consolidated financial statements reflect all adjustments necessary for a fair statement of the financial position and results of operations and cash flows as of and for the three months ended March 31, 2017 and 2016. All such adjustments are of a normal recurring nature. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year. Notes to the unaudited interim consolidated financial statements which would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal period, as reported in the Form 10-K, have been omitted. |
Going Concern
Going Concern | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | Note 2 Going Concern These unaudited interim consolidated financial statements have been prepared on a going concern basis which assumes we will be able to realize our assets and discharge our liabilities in the normal course of business for the foreseeable future. For the three months ended March 31, 2017, we had a net loss. We also have a working capital deficit. We have accumulated a deficit since inception. These factors raise substantial doubt about our ability to continue as a going concern. These unaudited interim consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from a future uncertainty. The Company plans to mitigate going concern include converting its debt into equity and raise capital through loans and new equity. |
Construction in Progress
Construction in Progress | 3 Months Ended |
Mar. 31, 2017 | |
Construction In Progress | |
Construction in Progress | Note 3 Construction in Progress During the first quarter ended March 31, 2017, the Company added approximately $61,000 in construction in progress when it started development of its Ohio carbon finishing plant. This brings the total construction in progress to $324,489 at three months ended March 31, 2017. |
Loan Payable - Related Party an
Loan Payable - Related Party and Convertible | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Loan Payable - Related Party and Convertible | Note 4 Loan Payable – Related Party and Convertible On March 3, 2017, we approved a new working capital line of credit loan with our CEO, Chris Bowers in the amount up to $150,000 at 8% due December 31, 2017. The note has conversion rights into our common shares at $0.10 per share. On March 8, 2017, we received $100,000 of this loan. To date the remaining balance of $50,000 has not been received. For the three months ended March 31, 2017, this note had accrued interest in the amount of $525. The Company evaluated this convertible LOC for Beneficial Conversion Features (BCF) and concluded that the LOC incurred a Beneficial Conversion Features (BCF) when it was issued on March 3, 2017. The BCF resulted in a debt discount in the amount of $35,300 of which $2,724 was amortized for the three months ended March 31, 2017 leaving a balance of $32,576 to be amortized going forward. (LOC) in the amount of $500,000 from our new CEO Chris Bowers. On November 14, 2016, we accepted a second Line of Credit (LOC) in the amount of $500,000 from our CEO. The Company received $100,000 on January 31, 2017 which represented the balance on the second LOC. As of the March 31, 2017, these two LOCs had an outstanding balance in the amount of $1,000,000 with no accrued interest. These LOCs accrue interest at the rate of 1% per month based upon $1,000,000 total balance. We have been paying $10,000 per month in interest on the two LOCs. The due date of the two loans is December 31, 2017. The funds were used for working capital of the Company. The first LOC has two Addendums attached to it. Addendum A clarifies debt conversion rights attached to the LOC at $0.20 per share of common stock. Addendum B clarifies other rights attached to the LOC. These other rights are numbered below. (The second LOC has the same rights as that of the first LOC). These certain other rights in Addendum B provide for the following: 1. LOC has Repayment rights: The LOC has priority principal and interest repayment rights from other sources of capital received by the Company. 2. LOC has Warrant rights: Bowers has the right to receive 500,000 (five hundred thousand) $0.10 warrants for providing the LOC and 250,000 (two hundred fifty thousand) $0.10 warrants per $100,000 drawn against the $500,000 LOC. This would be a total of 1,750,000 $0.10 warrants to be issued to Bowers and/or Assigns for providing the funding and the Company using all $500,000 LOC. 3. LOC has Additional Stock Conversion rights: At any time while the LOC is outstanding, Bowers has the right to convert per $100,000 of the LOC for 500,000 shares of duly paid and non-assessable common stock of the Company at a conversion price of $0.20 per share (subject to adjustment in the event of stock splits or stock dividends) by providing a notice of conversion in a form reasonably acceptable to the Company. The full conversion of the LOC would be 2,500,000 shares of the Company common stock. The Company evaluated these convertible LOCs for Beneficial Conversion Features (BCF) and concluded that the second LOC incurred a Beneficial Conversion Features (BCF) when it was issued on November 14, 2016. The BCF resulted in a debt discount in the amount of $105,600 of which $8,800 was amortized for the year ended December 31, 2016. $26,400 was amortized for the three months ended March 31, 2017 leaving a balance of $70,400 to be amortized going forward. There was no BCF on the remaining $100,000 drawn from the second LOC during the three months ended March 31, 2017. On February 1, 2016, we issued an 8%, $134,000 Note Payable to our now, new CEO Chris Bowers for funds received. These funds were issued to Smart Fuel Solutions, Inc. (SFS) for a promissory note for the same amount at eight percent (8%). The funds were intended for the working capital needs of Smart Fuel Solutions. On September 28, 2016, we acquired controlling interest in SFS and assumed the note. The note is convertible at $0.50 per share and is due on December 31, 2017. As of March 31, 2017, the accrued interest on this note was $7,247. We have an unsecured line of credit with H. E. Capital, S. A., a related party. The line of credit accrues interest at the rate of 8% per annum. The due date of the line of credit has been extended to December 31, 2017. Balance of the line of credit at March 31, 2017 was $496,737 with accrued interest in the amount of $135,560. We had an agreement with H.E. Capital wherein we paid $5,000 monthly for financial services. As of December 31, 2016, this agreement is no longer in effect. H. E. Capital had no activity for the three months ended March 31, 2017. However, H. E. Capital converted $130,000 of its debt into 1,300,000 shares of our common stock on April 3, 2017 at a $0.10 conversion rate (see Note 11). A schedule of the H. E. Capital loan activity with us for the three months ended March 31, 2017 and for the year ended December 31, 2016 is as follows: H. E. Capital S.A. transactions for 2017 March 31, 2017 December 31, 2016 Beginning Balance $ 496,737 $ 241,582 Proceeds - 352,000 Reclassification from accounts payable & accruals - 76,060 Consulting fees - 60,000 Assignments - (190,000 ) Non-cash conversions to stock - (42,905 ) Ending Balance $ 496,737 $ 496,737 |
Secured Debentures
Secured Debentures | 3 Months Ended |
Mar. 31, 2017 | |
Secured Debt [Abstract] | |
Secured Debentures | Note 5 Secured Debentures On January 24, 2011, we entered into a series of securities purchase agreements with accredited investors pursuant to which we sold an aggregate of $380,000 in 12% secured debentures. The Debentures are secured by the assets of the Company pursuant to security agreements entered into between us and the investors. As of March 31, 2017 these secured debentures have an outstanding balance of $305,000 and accrued interest in the amount of $246,370. These debentures are in default and the Company is in negotiations with the holders for extensions. |
Loan Payable _ Other and Conver
Loan Payable – Other and Convertible | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Loan Payable – Other and Convertible | Note 6 Loan Payable – Other and Convertible On May 16, 2016, we approved H.E. Capital S.A.’s (HEC) request to assign to a private company $200,000 of its Line of Credit Note. We approved the request and reduced HEC’s Line of Credit Note for that amount and record a new note. On July 19, 2016, the private company converted $100,000 of its note into 1,000,000 common shares of the Company’s stock. The note is due December 31, 2017. As of March 31, 2017, the note balance is $100,000 with accrued interest in the amount of $8,395. On July 1, 2016, we issued a note to a private individual in the amount of $49,295. This note is convertible at $0.50 per share and accrues interest at 8%. The note is due December 31, 2017. As of March 31, 2017, this note had accrued interest in the amount of $2,960. |
Loan Payable _ Other and Non-Co
Loan Payable – Other and Non-Convertible | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Loan Payable – Other and Non-Convertible | Note 7 Loan Payable – Other and Non-Convertible On November 16, 2012, we issued a note to a private individual in the amount of $170,000 with interest accruing at 8% per annum. This note has been extended to December 31, 2017. As of March 31, 2017, the accrued interest was $10,284. |
Commitments
Commitments | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | Note 8 Commitments On March 29, 2017, we entered into a lease and working capital credit facility with Caliber Capital & Leasing LLC and its assignee, Real Estate Acquisition Development Sales, LLC (“READS”). Under the agreements, READS is providing an initial commitment of up to $2.5 million for the construction of our first processing line in our centralized Carbon Finishing Plant in Ohio. The loan is dated for April 4, 2017 and to date we have not received our first draw. On March 29, 2017, we also signed the Master Equipment and Building Related Lease Agreement. The lease will have an initial term of seven years, after which we will have the option to purchase the facility from READS or renew the lease under the same terms. The commencement date is April 4, 2017. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Equity | Note 9 Equity Common Stock We have 250,000,000 common shares of $0.001 par value stock authorized. On December 31, 2016, we had 28,517,597 common shares outstanding. As of March 31, 2017, we had 28,617,597 common shares outstanding. On January 15, 2017, we issued 100,000 common shares for consulting services valued at $20,000. Warrants On February 8, 2017, 1,000 common stock warrants, with an exercise price of $10 per share, expired. On January 9, 2017 our subsidiary, Smart Fuel Solutions, Inc., issued 150,000 warrants to each of its four directors. These warrants were valued at $142,857 using the Black-Sholes option pricing model. These warrants are convertible into common shares of the Company. The grant date fair value calculation included the following inputs: three year US Treasury note interest rate of 1.48%, dividend yield of 0, expected volatility of 289% and the expected term of three years. These warrants were fully vested and have an exercise price of $0.10 per share, and expire on December 31, 2019. The weighted average exercise price is $0.10, the average term is 2.84 years and the intrinsic value is calculated to be $1,136,349. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 10 Related Party Transactions We have an unsecured line of credit with H. E. Capital, S. A., a related party. The line of credit accrues interest at the rate of 8% per annum. The due date of the line of credit has been extended to December 31, 2017. Balance of the line of credit at March 31, 2017 was $496,737 with accrued interest in the amount of $135,560. This line of credit has $0.10 per share of common stock conversion feature. We had an agreement with H.E. Capital wherein we paid $5,000 monthly for financial services. As of December 31, 2016, this agreement is no longer in effect. H. E. Capital had no activity for the three months ended March 31, 2017. On August 15, 2016, we accepted a Line of Credit (LOC) in the amount of $500,000 from our new CEO Chris Bowers. On November 14, 2016, we accepted a second Line of Credit (LOC) in the amount of $500,000 from our CEO. As of the December 31, 2016, these two LOCs had an outstanding balance in the amount of $900,000 with no accrued interest. These LOCs accrue interest at the rate of 1% per month based upon $1,000,000 total balance. We have been paying $10,000 per month in interest on the two LOCs. The due date of the two loans is December 31, 2017. The funds were used for working capital for the Company. The first LOC has two Addendums attached to it. Addendum A clarifies debt conversion rights attached to the LOC at $0.20 per share of common stock. Addendum B clarifies other rights attached to the LOC. The Company received $100,000 on January 31, 2017 which represented the balance of the LOC2. There was no BCF on the balance of the LOC2. These other rights are numbered below. (The second LOC has the same rights as that of the first LOC). 1. LOC has Repayment rights: The LOC has priority principal and interest repayment rights from other sources of capital received by the Company. 2. LOC has Warrant rights: Bowers has the right to receive 500,000 (five hundred thousand) $0.10 warrants for providing the LOC and 250,000 (two hundred fifty thousand) $0.10 warrants per $100,000 drawn against the $500,000 LOC. This would be a total of 1,750,000 $0.10 warrants to be issued to Bowers and/or Assigns for providing the funding and the Company using all $500,000 LOC. 3. LOC has Additional Stock Conversion rights: At any time while the LOC is outstanding, Bowers has the right to convert per $100,000 of the LOC for 500,000 shares of duly paid and non-assessable common stock of the Company at a conversion price of $0.20 per share (subject to adjustment in the event of stock splits or stock dividends) by providing a notice of conversion in a form reasonably acceptable to the Company. The full conversion of the LOC would be 2,500,000 shares of the Company common stock. The Company evaluated the addendums under ASC 470-50 and concluded that these addendums did not qualify for debt modification. The Company evaluated these convertible LOCs for Beneficial Conversion Features (BCF) and concluded that the second LOC incurred a Beneficial Conversion Features (BCF) when it was issued on November 14, 2016. The BCF resulted in a debt discount in the amount of $105,600 of which $8,800 was amortized for the year ended December 31, 2016. $26,400 was amortized for the three months ended March 31, 2017 leaving a balance of $70,400 to be amortized going forward. On February 1, 2016, we issued an 8%, $134,000 Note Payable to our now, new CEO Chris Bowers for funds received. This note has been extended to December 31, 2017.The note is convertible at $0.50 per share. As of March 31, 2017, the accrued interest on this note was $7,247. On March 3, 2017, we approved a new working capital loan with our CEO, Chris Bowers in the amount up to $150,000 at 8% due December 31, 2017. The note has conversion rights into our common shares at $0.10 per share. On March 8, 2017, we received $100,000 of this loan. To date we have not requested the remaining balance of $50,000. For the three months ended March 31, 2017, this note had accrued interest in the amount of $525. The Company evaluated this convertible LOC for Beneficial Conversion Features (BCF) and concluded that the LOC incurred a Beneficial Conversion Features (BCF) when it was issued on March 3, 2017. The BCF resulted in a debt discount in the amount of $35,300 of which $2,724 was amortized for the three months ended March 31, 2017 leaving a balance of $32,576 to be amortized going forward. On January 9, 2017 our subsidiary, Smart Fuel Solutions, Inc., issued 150,000 warrants to each of its four directors. These warrants were valued at $142,857 by the Black-Sholes method. These warrants are convertible into common shares of the Company. The grant date fair value calculation included the three year US Treasury note interest rate of 1.48%, dividend yield of 0, expected volatility of 289% and the expected term of three years. These warrants were fully vested and have an exercise price of $0.10 per share of the Company’s common stock, and expire on December 31, 2019. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 11 Subsequent Events On May 5, 2017 (“Issue Date”), we issued a note in the amount of $77,500 to Auctus Fund LLC. The note has an interest rate of 10% and is due February 5, 2018. The note can be prepaid any time during the period beginning on the Issue Date and ending on the date which is ninety (90) days following the Issue Date at 125% of the unpaid principal balance including interest. The note can be prepaid at any time during the period beginning the day which is ninety one (91) days following the Issue Date and ending on the date which is one hundred eighty (180) days following the Issue Date at 135% of the unpaid principal balance plus interest. After the expiration of one hundred eighty (180) days following the date of the note, the Company shall have no right of prepayment. The note has a variable conversion price feature per the agreement which starts on August 5, 2017. The conversion price shall equal the lesser of (i) the average of the two (2) lowest trading prices during the previous twenty-five (25) trading day period ending on the latest complete trading day prior to the date of the note and (ii) the variable conversion price. The variable conversion price shall mean 55% multiplied by the market price, representing a discount rate of 45%. Market price means the average of the two (2) lowest trading prices for the common stock during the twenty-five (25) trading day period ending on the latest complete trading day prior to the conversion date. On April 12, 2017, we received a note in the amount of $100,000 from a third party. The note has an interest rate of 8% and is due on April 11, 2018. The note has a variable conversion price feature per the agreement, in which, the note is convertible at $0.20 or if the stock price is below $0.20 per share at conversion, the lender can convert at a 15% discount on stock price. On April 11, 2017, our wholly owned subsidiary GETH CFP, Inc. signed a 10 year lease with the Lawrence Economic Development Corporation of Lawrence County, Ohio for the lease of 11,200 sq. ft. of manufacturing space for our carbon finishing plant in Ohio. The lease has a start date of June 1, 2017 and runs to June 1, 2027. The lease has three, five year extensions. Monthly lease payments amount to $3,733 on the original term and will increase to $4,200 per month starting on the second extension. On April 3, 2017, we issued 1,300,000 common shares to H. E. Capital, a related party, to settle $30,000 of debt and $100,000 of accrued interest as stated in the debt settlement agreement. |
Loan Payable - Related Party 17
Loan Payable - Related Party and Convertible (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of H E Capital Loans Activity | A schedule of the H. E. Capital loan activity with us for the three months ended March 31, 2017 and for the year ended December 31, 2016 is as follows: H. E. Capital S.A. transactions for 2017 March 31, 2017 December 31, 2016 Beginning Balance $ 496,737 $ 241,582 Proceeds - 352,000 Reclassification from accounts payable & accruals - 76,060 Consulting fees - 60,000 Assignments - (190,000 ) Non-cash conversions to stock - (42,905 ) Ending Balance $ 496,737 $ 496,737 |
Construction in Progress (Detai
Construction in Progress (Details Narrative) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Construction in progress | $ 324,489 | $ 262,980 |
Ohio Carbon Finishing Plant [Member] | ||
Construction in progress | $ 61,000 |
Loan Payable - Related Party 19
Loan Payable - Related Party and Convertible (Details Narrative) - USD ($) | Mar. 03, 2017 | Feb. 02, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | Mar. 08, 2017 | Jan. 31, 2017 | Nov. 14, 2016 | Sep. 28, 2016 | Aug. 15, 2016 |
Short-term Debt [Line Items] | ||||||||||
Debt face amount | $ 50,000 | |||||||||
Loan receivable | $ 100,000 | |||||||||
Debt discount amortized | $ 29,124 | |||||||||
Warrant rights exercise price | $ 0.10 | $ 0.10 | ||||||||
H. E. Capital S.A [Member] | ||||||||||
Short-term Debt [Line Items] | ||||||||||
Debt conversion price per share | $ 0.10 | |||||||||
Line of credit accrues interest rate | 8.00% | 8.00% | ||||||||
Line of credit | $ 496,737 | |||||||||
Accrued interest | 135,560 | |||||||||
Financial services costs | $ 5,000 | |||||||||
Conversion of stock, shares issued | 1,300,000 | |||||||||
Conversion of stock, value issued | $ 130,000 | |||||||||
Smart Fuel Solutions, Inc [Member] | ||||||||||
Short-term Debt [Line Items] | ||||||||||
Debt conversion price per share | $ 0.50 | |||||||||
Line of Credit [Member] | Bowers [Member] | ||||||||||
Short-term Debt [Line Items] | ||||||||||
Debt conversion price per share | $ 0.20 | |||||||||
Line of credit | $ 250,000 | |||||||||
Line of credit maximum borrowing | $ 500,000 | |||||||||
Warrant rights | 500,000 | |||||||||
Total warrant issued shares | 1,750,000 | |||||||||
Warrant rights exercise price | $ 0.10 | |||||||||
Value of warrants drawn against line of credit | $ 100,000 | |||||||||
Beneficial Conversion Features [Member] | ||||||||||
Short-term Debt [Line Items] | ||||||||||
Debt discount amount | 35,300 | |||||||||
Debt discount amortized | 2,724 | |||||||||
Beneficial Conversion Features [Member] | Line of Credit Two [Member] | ||||||||||
Short-term Debt [Line Items] | ||||||||||
Line of credit | 100,000 | |||||||||
Debt discount amount | 70,400 | $ 105,600 | ||||||||
Debt discount amortized | 26,400 | $ 8,800 | ||||||||
Additional Stock Conversion Rights [Member] | Line of Credit [Member] | ||||||||||
Short-term Debt [Line Items] | ||||||||||
Conversion of loans payable for common stock | $ 100,000 | |||||||||
Debt conversion price per share | $ 0.20 | |||||||||
Debt instruments converted into shares | 500,000 | |||||||||
Conversion of stock, shares issued | 2,500,000 | |||||||||
Chris Bowers [Member] | ||||||||||
Short-term Debt [Line Items] | ||||||||||
Debt face amount | $ 150,000 | |||||||||
Debt accrued interest rate | 8.00% | |||||||||
Debt maturity date | Dec. 31, 2017 | |||||||||
Debt conversion price per share | $ 0.10 | |||||||||
Accrued interest | $ 525 | |||||||||
Debt discount amortized | $ 32,576 | |||||||||
Chief Executive Officer [Member] | ||||||||||
Short-term Debt [Line Items] | ||||||||||
Debt accrued interest rate | 8.00% | |||||||||
Debt conversion price per share | $ 0.50 | |||||||||
Notes payable, related parties | $ 134,000 | |||||||||
Accrued interest | $ 7,247 | |||||||||
Debt extended due date | Dec. 31, 2017 | |||||||||
Chief Executive Officer [Member] | Line of Credit [Member] | ||||||||||
Short-term Debt [Line Items] | ||||||||||
Line of credit | $ 500,000 | $ 500,000 | ||||||||
Chief Executive Officer [Member] | Line of Credit [Member] | ||||||||||
Short-term Debt [Line Items] | ||||||||||
Debt accrued interest rate | 1.00% | |||||||||
Debt conversion price per share | $ 0.20 | |||||||||
Line of credit | $ 1,000,000 | |||||||||
Accrued interest | $ 1,000,000 | $ 900,000 | ||||||||
Debt extended due date | Dec. 31, 2017 | |||||||||
Interest expense | $ 10,000 | |||||||||
Chief Executive Officer [Member] | Line of Credit Two [Member] | ||||||||||
Short-term Debt [Line Items] | ||||||||||
Loan receivable | $ 100,000 |
Loan Payable - Related Party 20
Loan Payable - Related Party and Convertible - Schedule of H E Capital Loans Activity (Details) - H. E. Capital S.A [Member] - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Beginning Balance | $ 496,737 | $ 241,582 |
Proceeds | 352,000 | |
Reclassification from accounts payable & accruals | 76,060 | |
Consulting fees | 60,000 | |
Assignments | (190,000) | |
Non-cash conversions to stock | (42,905) | |
Ending Balance | $ 496,737 | $ 496,737 |
Secured Debentures (Details Nar
Secured Debentures (Details Narrative) - USD ($) | Mar. 31, 2017 | Mar. 08, 2017 | Dec. 31, 2016 | Jan. 24, 2011 |
Amount of debt | $ 50,000 | |||
Secured debentures payable | $ 305,000 | $ 305,000 | ||
Securities Purchase Agreements [Member] | Investors [Member] | ||||
Amount of debt | $ 380,000 | |||
Interest rate | 12.00% | |||
Secured debentures payable | $ 305,000 | |||
Accrued interest | $ 246,370 |
Loan Payable _ Other and Conv22
Loan Payable – Other and Convertible (Details Narrative) - USD ($) | Jul. 19, 2016 | Jul. 02, 2016 | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 08, 2017 | May 16, 2016 | Nov. 16, 2012 |
Debt face amount | $ 50,000 | ||||||
Private Company [Member] | |||||||
Debt instruments converted into shares | 1,000,000 | ||||||
Debt conversion | $ 100,000 | ||||||
Debt instruments maturity | Dec. 31, 2017 | ||||||
Accrued interest | $ 8,395 | ||||||
Loans payable | 100,000 | ||||||
H. E. Capital S.A [Member] | |||||||
Debt conversion | $ 42,905 | ||||||
H. E. Capital S.A [Member] | Private Company [Member] | |||||||
Line of credit | $ 200,000 | ||||||
Private Individual [Member] | |||||||
Debt instruments maturity | Dec. 31, 2017 | ||||||
Accrued interest | $ 2,960 | ||||||
Debt face amount | $ 49,295 | $ 170,000 | |||||
Debt accrued interest rate | 8.00% | 8.00% | |||||
Debt conversion price per share | $ 0.50 |
Loan Payable _ Other and Non-23
Loan Payable – Other and Non-Convertible (Details Narrative) - USD ($) | Nov. 16, 2012 | Mar. 31, 2017 | Mar. 08, 2017 | Jul. 02, 2016 |
Short-term Debt [Line Items] | ||||
Debt face amount | $ 50,000 | |||
Private Individual [Member] | ||||
Short-term Debt [Line Items] | ||||
Debt face amount | $ 170,000 | $ 49,295 | ||
Debt accrued interest rate | 8.00% | 8.00% | ||
Debt extended due date | Dec. 31, 2017 | |||
Accrued interest, current | $ 10,284 |
Commitments(Details Narrative)
Commitments(Details Narrative) | Mar. 29, 2017USD ($) |
Caliber Capital & Leasing LLC [Member] | |
Initial commitment, amount | $ 2,500,000 |
Equity (Details Narrative)
Equity (Details Narrative) - USD ($) | Jan. 15, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | Feb. 08, 2017 | Jan. 09, 2017 | Dec. 31, 2016 |
Common stock, shares authorized | 250,000,000 | 250,000,000 | ||||
Common stock, par value per share | $ 0.001 | $ 0.001 | ||||
Common stock, shares outstanding | 28,617,597 | 28,517,597 | ||||
Number of common stock value issued for services | 100,000 | |||||
Number of common stock shares issued for services | $ 20,000 | $ 20,000 | ||||
Warrant exercise price | $ 0.10 | $ 0.10 | ||||
Warrants expiration term | 2 years 10 months 2 days | |||||
Warrants [Member] | ||||||
Class of warrant or right, outstanding | 19,558,342 | |||||
Issuance of common stock warrants | 1,000 | |||||
Warrant exercise price | $ 0.10 | $ 10 | ||||
Interest rate | 1.48% | |||||
Dividend yield | 0.00% | |||||
Expected volatility | 289.00% | |||||
Expected term | 3 years | |||||
Warrant expire date | Dec. 31, 2019 | |||||
Warrants [Member] | Smart Fuel Solutions, Inc [Member] | ||||||
Issuance of common stock warrants | 150,000 | |||||
Issuance of common stock, value | $ 142,857 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | Mar. 03, 2017 | Feb. 02, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | Mar. 08, 2017 | Feb. 08, 2017 | Jan. 31, 2017 | Jan. 09, 2017 | Nov. 14, 2016 | Aug. 15, 2016 |
Loan receivable | $ 100,000 | ||||||||||
Warrant rights exercise price | $ 0.10 | $ 0.10 | |||||||||
Debt discount amortized | $ 29,124 | ||||||||||
Debt face amount | $ 50,000 | ||||||||||
Warrants [Member] | |||||||||||
Warrant rights | 19,558,342 | ||||||||||
Warrant rights exercise price | $ 0.10 | $ 10 | |||||||||
Issuance of common stock warrants | 1,000 | ||||||||||
Interest rate | 1.48% | ||||||||||
Dividend yield | 0.00% | ||||||||||
Expected volatility | 289.00% | ||||||||||
Expected term | 3 years | ||||||||||
Warrant expire date | Dec. 31, 2019 | ||||||||||
Warrants [Member] | Smart Fuel Solutions, Inc [Member] | |||||||||||
Issuance of common stock warrants | 150,000 | ||||||||||
Issuance of common stock, value | $ 142,857 | ||||||||||
Beneficial Conversion Features [Member] | |||||||||||
Debt discount amount | $ 35,300 | ||||||||||
Debt discount amortized | 2,724 | ||||||||||
Line of Credit [Member] | Additional Stock Conversion Rights [Member] | |||||||||||
Conversion of loans payable for common stock | $ 100,000 | ||||||||||
Debt conversion price per share | $ 0.20 | ||||||||||
Conversion of stock, shares issued | 2,500,000 | ||||||||||
Line of Credit [Member] | Bowers [Member] | |||||||||||
Line of credit | $ 250,000 | ||||||||||
Line of credit maximum borrowing | $ 500,000 | ||||||||||
Warrant rights | 500,000 | ||||||||||
Warrant rights exercise price | $ 0.10 | ||||||||||
Value of warrants drawn against line of credit | $ 100,000 | ||||||||||
Total warrant issued shares | 1,750,000 | ||||||||||
Debt conversion price per share | $ 0.20 | ||||||||||
Line of Credit Two [Member] | Beneficial Conversion Features [Member] | |||||||||||
Line of credit | $ 100,000 | ||||||||||
Debt discount amount | 70,400 | $ 105,600 | |||||||||
Debt discount amortized | 26,400 | 8,800 | |||||||||
Chief Executive Officer [Member] | |||||||||||
Accrued interest | $ 7,247 | ||||||||||
Debt extended due date | Dec. 31, 2017 | ||||||||||
Debt conversion price per share | $ 0.50 | ||||||||||
Debt accrued interest rate | 8.00% | ||||||||||
Notes payable, related parties | $ 134,000 | ||||||||||
Chief Executive Officer [Member] | Line of Credit [Member] | |||||||||||
Line of credit | $ 500,000 | $ 500,000 | |||||||||
Chief Executive Officer [Member] | Line of Credit [Member] | |||||||||||
Line of credit | $ 1,000,000 | ||||||||||
Accrued interest | $ 1,000,000 | $ 900,000 | |||||||||
Debt extended due date | Dec. 31, 2017 | ||||||||||
Interest expense | $ 10,000 | ||||||||||
Debt conversion price per share | $ 0.20 | ||||||||||
Debt accrued interest rate | 1.00% | ||||||||||
Chief Executive Officer [Member] | Line of Credit Two [Member] | |||||||||||
Loan receivable | $ 100,000 | ||||||||||
Chris Bowers [Member] | |||||||||||
Accrued interest | $ 525 | ||||||||||
Debt conversion price per share | $ 0.10 | ||||||||||
Debt discount amortized | $ 32,576 | ||||||||||
Debt accrued interest rate | 8.00% | ||||||||||
Debt face amount | $ 150,000 | ||||||||||
Debt maturity date | Dec. 31, 2017 | ||||||||||
H. E. Capital S.A [Member] | |||||||||||
Line of credit accrues interest rate | 8.00% | 8.00% | |||||||||
Line of credit | $ 496,737 | ||||||||||
Accrued interest | $ 135,560 | ||||||||||
Line of credit per share | $ 0.10 | ||||||||||
Financial services costs | $ 5,000 | ||||||||||
Debt conversion price per share | $ 0.10 | ||||||||||
Conversion of stock, shares issued | 1,300,000 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) | May 05, 2017USD ($)$ / shares | Apr. 12, 2017USD ($)$ / shares | Apr. 11, 2017USD ($)ft² | Apr. 03, 2017USD ($)shares | Jul. 19, 2016USD ($) | Mar. 31, 2017USD ($) |
Auctus Fund LLC [Member] | (90) Days [Member] | ||||||
Unpaid principal balance percentage | 125.00% | |||||
Auctus Fund LLC [Member] | (180) Days [Member] | ||||||
Unpaid principal balance percentage | 135.00% | |||||
Private Company [Member] | ||||||
Debt maturity date | Dec. 31, 2017 | |||||
Common stock value issued to settle debt | $ 100,000 | |||||
Accrued interest | $ 8,395 | |||||
Subsequent Event [Member] | ||||||
Conversion description | The conversion feature starts on August 5, 2017. The conversion price shall equal the lesser of (i) the average of the two (2) lowest Trading Prices during the previous twenty-five (25) Trading Day period ending on the latest complete Trading Day prior to the date of this Note and (ii) the Variable Conversion Price. The Variable Conversion Price shall mean 55% multiplied by the Market Price, representing a discount rate of 45%. Market Price means the average of the two (2) lowest Trading Prices for the Common Stock during the twenty-five (25) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. | |||||
Conversion price per share | $ / shares | $ 2 | |||||
Subsequent Event [Member] | Auctus Fund LLC [Member] | ||||||
Working capital funds | $ 77,500 | |||||
Debt interest rate | 10.00% | |||||
Debt maturity date | Feb. 5, 2018 | |||||
Subsequent Event [Member] | Private Company [Member] | ||||||
Working capital funds | $ 100,000 | |||||
Debt interest rate | 8.00% | |||||
Debt maturity date | Apr. 11, 2018 | |||||
Conversion price per share | $ / shares | $ 0.20 | |||||
Debt conversion discount rate | 15.00% | |||||
Subsequent Event [Member] | GETH CFP, Inc [Member] | ||||||
Lease period | 10 years | |||||
Space for lease | ft² | 11,200 | |||||
Lease expiration | Jun. 1, 2027 | |||||
Lease extended period | 5 years | |||||
Lease payment for square feet value | $ 3,733 | |||||
Subsequent Event [Member] | GETH CFP, Inc [Member] | Second Extension [Member] | ||||||
Lease payment for square feet value | $ 4,200 | |||||
Subsequent Event [Member] | H. E. Capital [Member] | ||||||
Number of common stock shares issued | shares | 1,300,000 | |||||
Common stock value issued to settle debt | $ 30,000 | |||||
Accrued interest | $ 100,000 |